Polygon funding

polygon funding

Indian cryptocurrency platform Polygon has raised an undisclosed amount from US-based investor and entrepreneur Mark Cuban. 

The company strives to provide faster and cheaper deals on the Ethereum blockchain. Polygon’s native token Matic has crossed $10 Bn in market cap and is one of the top 20 crypto coins globally.

Polygon is a layer 2 scaling project designed by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic in 2017. It was built to work as an alternative to Ethereum’s blockchain or to build ‘sidechains’ along Ethereum’s network to overcome some of its issues. 

The idea of Polygon’s sidechains assures that users do not have to bear slow transaction speeds and costs as an endless number of sidechains can be created along with existing blockchains if the pre-existing sidechains also get blocked.

In a social media post, Polygon shared that the cryptocurrency platform is now part of Cuban’s portfolio.

Cuban’s website lists its investment in Polygon as a “well-structured, easy-to-use platform for Ethereum scaling and infrastructure development”. The funding amount has not been disclosed. Cuban owns the Dallas Mavericks basketball team and is one of the main “shark” investors on the American startup reality show “Shark Tank”.

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